Like Countable?

Install the App
TRY NOW

house Bill H.R. 4992

Should Iran’s Access to U.S. Banks and Currency Stay Cut Off Until it Stops Supporting Terrorism?

Argument in favor

Iranian banks and other entities need to stay cut off from using American banks or currency until Iran stops its ballistic missile program and abandons its support for terrorism.

Neftali's Opinion
···
07/09/2016
This is a no brainier! Please stop funding terrorism with our money!
Like (25)
Follow
Share
···
07/09/2016
Sounds like a no brainier. We should not negotiate with terrorists.
Like (17)
Follow
Share
Karam's Opinion
···
07/10/2016
It's common sense to cut of the world leader sponsor of terrorism from this access. Iran is the root of much unrest in the Middle East.
Like (12)
Follow
Share

Argument opposed

This bill would make mutual compliance with the Iran nuclear agreement less likely by continuing to prevent Iranian entities from using American banks and currency.

Hamid's Opinion
···
07/09/2016
Disclosure: I'm Iranian and have been exiled due to my religious believes since I've been 14. I believe the strongest weapon in our hands is to engage and include Iran in the world community. When we impose isolation countries with poor leaders tend to seek out ways to insure their relevance. However if they are engaged with the world community we would have much greater powers to influence their people and leaders.
Like (82)
Follow
Share
Tom's Opinion
···
07/10/2016
Which terrorists — specifically — is Iran financing? There's Hezbollah and various Iraqi Shia militias — all of which are actively fighting IS — and there's the Houthi Rebels in Yemen — who are also opposed to Ansar Al Sham and AQAP. Are any of those Iranian backed groups really more dangerous than the Sunni groups they're fighting? Specifically, is it worth the risk to the future of the relationship between the US and Iran? This doesn't punish the Iranian government so much as it punishes ordinary Iranians, and in particular cuts them off from the rest of the world, making it easier for Tehran to continue its anti-western behaviour.
Like (50)
Follow
Share
Al's Opinion
···
07/10/2016
Evidently the people we elect to congress have no F----g clue about how government works. But hey stupid works for Republicans. So go ahead and waste your time and our money. Sad!
Like (14)
Follow
Share

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed July 14th, 2016
    Roll Call Vote 246 Yea / 181 Nay
      house Committees
      Committee on Financial Services
    IntroducedApril 19th, 2016

Log in or create an account to see how your Reps voted!

What is House Bill H.R. 4992?

This bill would prevent the U.S. dollar from being used by Iran to complete offshore financial transactions as long as it continues to engage in illegal activities like developing ballistic missiles, supporting terrorism, and money laundering. The provisions of this bill are already U.S. policy, so the legislation — if enacted — would make them into law.

U.S. banks and other financial institutions would be prohibited from processing “U-turn” transactions that pass through a U.S. bank from a foreign bank that are then transferred to another foreign bank on behalf of a private or state-owned Iranian entity. Money transfers for humanitarian purposes would be allowed on a case-by-case basis.

If Iran — at any time — stops supporting terrorism and ends its ballistic missile program, then the prohibitions on the use of U.S. currency and U-turn transactions by Iranian entities would be lifted. At that point, the president would also be able to de-list Iran’s entire financial sector as a “primary money-laundering concern” after certifying that Iran has ceased those activities. Until that time the president would be prevented from allowing a system to be created that provides Iran with American dollars.

Impact

U.S. financial institutions; all Iranian private or government entities looking to complete a transaction involving U.S. banks or currency; and federal agencies tasked with enforcing these policies.

Cost of House Bill H.R. 4992

A CBO cost estimate is unavailable.

More Information

In-Depth: In response to the Obama administration’s suggestion that it might allow Iran to access U.S. currency directly or indirectly, House Foreign Affairs Committee Chairman Ed Royce (R-CA) introduced this bill to keep that from happening. Royce argues that Iranian entities shouldn’t be able to use American dollars or have access to U.S. banks until Iran’s government stops its ballistic missile program and its support for terrorism:

“If President Obama won’t rule out new concessions to the Iranian regime, Congress should. Allowing a belligerent Iran access to the U.S. dollar poses real dangers to our country and economy… Iran was shut out of the U.S. and global financial system because of its support for illicit activities, including terrorism, ballistic missiles, and human rights abuses. These sanctions should remain in place, as President Obama promised, until Iran changes its behavior.”

Worries about giving Iranian entities access to the dollar and U.S. banks have proven to be bipartisan. The second ranking Democrat in the House, Rep. Steny Hoyer (D-MD), said that he was “concerned” about the Treasury Department’s suggestion that it might allow Iran to complete the transactions this bill seeks to stop. Hoyer added that such a change in policy without Iran giving up anything on its side of the bargain would undermine the agreement:

“I want to make clear my concerns that the Administration had indicated that there would be no further concessions beyond those specifically negotiated and briefed to Congress. I do not support granting Iran any new relief without a corresponding concession. We lose leverage otherwise, and Iran receives something for free.”

This legislation currently has the support of 11 cosponsors, all of whom are Republicans.


Of Note: The House passed a similar bill in February that also prevented the removal of Iran’s status as a “primary money laundering concern” in addition to preventing sanctions on Iranian financial institutions from being lifted and blocking the travel of certain Iranian citizens. However, the bill has not been taken up by the Senate.


Media:

Summary  by Eric Revell
(Photo Credit: Public Domain)

AKA

United States Financial System Protection Act of 2016

Official Title

To codify regulations relating to transfers of funds involving Iran, and for other purposes.

    This is a no brainier! Please stop funding terrorism with our money!
    Like (25)
    Follow
    Share
    Disclosure: I'm Iranian and have been exiled due to my religious believes since I've been 14. I believe the strongest weapon in our hands is to engage and include Iran in the world community. When we impose isolation countries with poor leaders tend to seek out ways to insure their relevance. However if they are engaged with the world community we would have much greater powers to influence their people and leaders.
    Like (82)
    Follow
    Share
    Which terrorists — specifically — is Iran financing? There's Hezbollah and various Iraqi Shia militias — all of which are actively fighting IS — and there's the Houthi Rebels in Yemen — who are also opposed to Ansar Al Sham and AQAP. Are any of those Iranian backed groups really more dangerous than the Sunni groups they're fighting? Specifically, is it worth the risk to the future of the relationship between the US and Iran? This doesn't punish the Iranian government so much as it punishes ordinary Iranians, and in particular cuts them off from the rest of the world, making it easier for Tehran to continue its anti-western behaviour.
    Like (50)
    Follow
    Share
    Sounds like a no brainier. We should not negotiate with terrorists.
    Like (17)
    Follow
    Share
    Evidently the people we elect to congress have no F----g clue about how government works. But hey stupid works for Republicans. So go ahead and waste your time and our money. Sad!
    Like (14)
    Follow
    Share
    If we cut ourselves off from them, why would they listen to us? By engaging them, they can hear our desires. By giving better access to better banks, we can facilitate economic growth, lifting up the standard of living, decreasing unrest and terrorist sympathy.
    Like (14)
    Follow
    Share
    Maybe we should stop punishing Iran while we excuse Saudi Arabias even more blatant terrorist connections for our own financial gain
    Like (12)
    Follow
    Share
    It's common sense to cut of the world leader sponsor of terrorism from this access. Iran is the root of much unrest in the Middle East.
    Like (12)
    Follow
    Share
    Should the U. S., Turkey, Syria, Russia, and all major world powers be cut off from international banks and currency, until they stop sponsoring terrorism?
    Like (9)
    Follow
    Share
    The actions in this bill are already policy. Don't make foreign policy legislated stone; it needs to be flexible.
    Like (7)
    Follow
    Share
    Want to create more terrorists? Keep sticking it to the people of Middle Eastern countries.
    Like (7)
    Follow
    Share
    At the point that we have to question whether supporting terrorism is worthy of exclusion, you know we have a problem
    Like (7)
    Follow
    Share
    No, not until Saudi banks are cut off for the same thing.
    Like (5)
    Follow
    Share
    Complex problems like Iran are solved through communication, not cutting them off. This sounds like another emotional backlash to the hard work our president has done to make agreements with them. Let's not move backward.
    Like (5)
    Follow
    Share
    We should learn from past mistakes and stop assisting haters
    Like (4)
    Follow
    Share
    Congress does not have the authority to create foreign policy and Bill does specify specifics on the true scoop of the issue.
    Like (4)
    Follow
    Share
    I don't think we have any right to tell Iran how to govern their country. But in the interest of self preservation, we must take care to not sow the seeds of our own destruction! We need to use every means at our disposal to fight Islamic terrorism AND to maintain pressure on Iran to cease their efforts to add to the world's arsenals of nuclear weapons. They must be convinced that we are not to be trifled with or bullied. We must resolve to stand firm, and THEY, on the other hand, must provide indisputable proof that they can be trusted!
    Like (4)
    Follow
    Share
    Legislating foreign policy, ordinarily conducted by the president (it's in the constitution), ties the executive branch's hands in conducting foreign affairs. This is really the house republicans trying to kill the Iranian deal just to thwart the president's foreign policy. They should be ashamed, but everyone knows they're shameless.
    Like (3)
    Follow
    Share
    We are an equal part of this trade relationship. we cannot be so reactionary and haphazard
    Like (3)
    Follow
    Share
    They signed the treaty with the us and the world they are no longer a rogue state. Stop trying to nullify the treaty.
    Like (3)
    Follow
    Share
    MORE